The word "racism" strictly refers to prejudice and/or discrimination in any context where systemic power differentials are involved. White supremacy might definitely be a relevant power differential, but there are others that can be just as relevant, such as the very real power held by admissions bureaucracies in academia.
This does mean that, yes, so-called 'reverse' racism in such contexts, particularly when accompanied by systemic prejudice against e.g. whites and asians (such as an implied theory that they have less "character", "well-roundedness" or "diversity" than other groups) is in fact racism.
This does mean that, yes, so-called 'reverse' racism in such contexts, particularly when accompanied by systemic prejudice against e.g. whites and asians (such as an implied theory that they have less "character", "well-roundedness" or "diversity" than other groups) is in fact racism.